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Nikkei falls 1.2 pct on economic gloom, banks weigh

Wed Aug 6, 2008 10:06pm EDT

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(Updates to midday)

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TOKYO, Aug 7 (Reuters) - Japan's Nikkei stock average sank 1.2 percent on Thursday, defying a range of potentially positive factors as gloom about the domestic economy led to profit-taking, with banks such as Mizuho Financial Group (8411.T) tumbling after disappointing results from U.S. peers. But the fall was limited by gains in some exporters, while oil and gas field developer Inpex Holdings Inc (1605.T) climbed on a brokerage upgrade.

The benchmark Nikkei .N225 shed 161.00 points to 13,093.89, while the broader Topix slid 1.6 percent to 1,257.38. (Reporting by Elaine Lies)

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